Paul A. Mahon, EVP and General Counsel of United Therapeutics Corp (NASDAQ:UTHR), filed a Form 4 on September 18, 2026, disclosing the exercise of 8,300 stock options and the sale of 8,300 shares of common stock on September 17, 2026, pursuant to a pre-arranged 10b5-1 plan.

Key Highlights

  • Option exercise: Paul A. Mahon exercised 8,300 stock options at an exercise price of $146.03 per share on September 17, 2026.
  • Shares sold: A total of 8,300 shares were sold across seven separate transactions at weighted average prices ranging from $495.967 to $501.5806 per share.
  • 10b5-1 plan: The transactions were made pursuant to a pre-arranged plan entered into by Mahon on August 11, 2025.
  • Remaining ownership: Following all reported transactions, Mahon directly beneficially owns 45,172 shares of common stock.
  • Options remaining: Mahon holds 47,540 stock options beneficially owned following the reported exercise, with an expiration date of March 15, 2027.

Paul Mahon's Option Exercise and Share Sales at United Therapeutics

According to the filing, Mahon exercised 8,300 stock options on September 17, 2026, at a conversion price of $146.03 per share. The options had a date exercisable of March 15, 2020, and an expiration date of March 15, 2027. The exercise was coded as an "M" transaction under Table II, and the price of the derivative security at exercise is reported as $0.00, consistent with a cashless-style option exercise for the purposes of Table II reporting.

Following the exercise, Mahon disposed of 8,300 shares through seven separate sale transactions, all on September 17, 2026. The sales were executed in multiple trades within each tranche, with reported weighted average prices of $495.967, $496.5758, $497.5434, $498.737, $499.7515, $500.8018, and $501.5806. The filing notes that each of these prices reflects a weighted average and that full detail on individual trade prices is available upon request to the SEC staff, the issuer, or a security holder. All transactions were coded "S" for sale.

The filing states that both the option exercise and share sales were made "pursuant to a pre-arranged 10b5-1 plan entered into by the reporting person on August 11, 2025." The Form 4 was signed by John S. Hess, Jr. under Power of Attorney and filed on September 18, 2026. After all reported activity, Mahon directly holds 45,172 shares of common stock and 47,540 stock options.

What Was Disclosed

The filing reports a same-day option exercise and sale of 8,300 United Therapeutics common shares by EVP and General Counsel Paul A. Mahon on September 17, 2026, carried out under a Rule 10b5-1 plan established August 11, 2025.